In setting up a professional firm, 100% foreign ownership, sole proprietorships or civil companies are permitted. Such firms may engage in professional or artisan activities. A UAE national must be appointed as local service agent, but he has no direct involvement in the business and is paid a lump sum and/or percentage of profits or turnover.
Therefore, a professional company is a firm which practices a profession as its main object and in which the partners rely on for their professional effort they exercise more than on profiting from the business of others. On this basis, Professional Company Formation in UAE Set up between professional and can carry out only non-commercial activities.
The firms which are registered as professional companies may only practice specific activities and such activities include but are not limited to: Legal practice and consultancy, auditing, organizing and keeping accounting records and books, civil engineering and architecture consultancies and services, managerial and economic consultancies and studies, technical services, medical and curative services, educational services and other similar services.
Benefits of opening a Professional Firm
- No Income tax
- No corporate taxation
- 100% repatriation of capital and profits
- No currency restrictions
- Competitive import duties